Electrical Test Equipment Market Size

Electrical Test Equipment Market Analysis

The Electrical Test Equipment market is expected to register a CAGR of 6.73% over the forecast period. Electrical test equipment allows consumer goods manufacturers to comply with equipment testing regulations. With an increase in citizens' spending and income in emerging economies, the sales of good products have surged, which is expected to create a potential space for electrical test equipment in the coming years.

• Due to the increasing demand for electrical test equipment in these industries, players in the market have been launching new products to gain a competitive edge. For instance, in April 2021, Klein Tools launched five electrical test kits, such as the clamp meter electrical test kit and digital multimeter electrical test kit, among others, for industrial usage. The equipment ensures insulation resistance tests combined with four-wire low-resistance measurements and offers inductance, capacitance, and temperature measurements.
• Moreover, in April 2021, Keysight Technologies Inc. announced a customized gallium nitride test board for the company's own dynamic power device analyzer/double-pulse tester (PD1500A). This enables Tier 1 and OEM power converter designers to reduce prototype cycles and speed up the introduction of new products.
• NETA (InterNational Electrical Testing Association) Accredited Companies are third-party, independent electrical testing and engineering service businesses providing full-service testing, analysis, and electrical power systems maintenance. Further, in June 2021, RESA Power, LLC, a market player in power system electrical testing, transformer services, and life extension solutions for power distribution equipment, announced the acquisition of Crews Electrical Testing, Inc., a company that has provided electrical testing services in Florida and the southeast region for nearly two decades. Because of this acquisition, the company has long regarded CET as a high-quality provider of NETA services.
• Many government regulations also mandate the testing of industrial electronic devices. For example, the Russian Federal Law announced new rules for the circulation of medical devices to close gaps and uncertainties in existing legislation and reduce the risk to market participants. By January 2022, medical device manufacturing licensing will be phased out and replaced with compliance with requirements for the maintenance, implementation, and evaluation of a quality management system for medical devices. Such initiatives and changing regulations are expected to increase market opportunities for vendors.
• Furthermore, as factories across the world were not running at full capacity due to COVID-19-related restrictions, some companies developed virtual electrical testing equipment. For instance, Eaton Corporation developed a program to provide customers with virtual testing for power quality and other equipment. This program enables one to get closer to the equipment with camera zoom. Whereas, testing low-voltage switchgear in person, for example, the equipment is energized with 480 volts, and all observers are required to be seven to eight feet away.